IBERIAN DAILY 25 APRIL + 1Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’22 results to be released over the coming days in Spain.
A week with all eyes on the French election, which ended up with Macron’s win
European stock markets did not manage to close in positive numbers due to the sharp drops on Friday’s session, awaiting the results of the election in France, where E. Macron was re-elected with 58% of the vote. Separately, the rise in infections in China despite tight lockdowns is a source of concern. Thus, the IBEX 35 ended the week down -0.54% and falling below 8,700 points, whereas the Euro STOXX fell -0.17%, and the DAX Xetra -0.03%. The best-performing sectors in the Euro STOXX were Construction and Banks, whereas Energy and Retail ended with the worst performance. On the macro side, in the UK March’s retail sales fell more than expected. In the euro zone, April’s preliminary manufacturing and services PMIs rose more than expected. In the US, the Fed Governor J. Powell backed a +50bps rate hike in May’s meeting. In China, some areas of Pekin were put in lockdown and mandatory Covid-19 testing was ordered in certain districts amid fears of a new Shanghai-like outbreak. In US business results, HCA Healthcare, Verizon and American Express were in line with expectations.
What we expect for today
European stock markets would open with losses due to the spread of Covid-19 in Asia. Currently, S&P futures are down -0.5% (yesterday the S&P 500 ended -1.02 % lower vs. the European closing bell). Volatility in the US rose (VIX 28.21). Asian markets are falling (China’s CSI 300 -2.4%, and Japan’s Nikkei -1.8%).
Today in Germany we will learn April’s IFO, in the US March’s Chicago Fed index and in Mexico February’s IGAE economic activity index. In US Results, Coca-Cola, Otis, Whirlpool and Brown & Brown, among others, will release their results. Debt auctions: Germany (€ 6 Bn in 6M and 12M t-bills).
Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
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